Fairfax gives backing to insurance start-up

Fairfax gives backing to insurance start-up | Insurance Business

Fairfax Holdings has announced its investment in a tech-driven insurance start-up based in Bangalore.

The start-up, called Digit, has already received preliminary approvals from the Insurance Regulatory and Development Authority of India (IRDAI). It will have a paid-up capital of Rs 385 crore (approximately $79 million), with Fairfax controlling 45% of the firm. The rest of the company will be held by Kamesh Goyal – former Allianz executive who once led the company’s business in India – along with other Indian investors; Goyal will serve as chairman of the company.

Times of India reported that Digit is staffed by former members of Bajaj Allianz, which include top executives Vijay Kumar, V Philip and Jasleen Kohli.

Digit chief marketing officer Sandeep Komaravelly said that the company plans to officially launch within the next six to 12 weeks, subject to final approvals from the IRDAI.

“We want to bring about a change in insurance. The differentiation is from the point of view of making the entire experience for the customer seamless,” Komaravelly told Times of India.